Today more than 50% of the crude oil trading is made ofheavy crude oil which has partly caused all the revamping and upgrading programs of the refineries in the world to accept it.

This heavy crude oil has a potential heating value much lower than the light crudeoil taken as a reference, so the BOE is used to compare and trade all crude oils on the same base in respect with their grade.

Regarding the use of the BOE for gas consolidation with oil, this more recent, about five years old.

Until then the financial performances of theIOCs listed in the different stock exchange markets where measured mainly in respect with their number of barrels produced per day and per year.

In addition at that time the gas market prices were very low and could not be used as a financial performances indicator for these companies.

But the depletion of the old oil fields and the difficulties for the IOCs to acquire majority stakes in new oil fields has cause the Majors to publish year after year declining figures regarding this number of oil barrel produced.

So the share of gas production has continuously increased in the portfolio of the IOCs, so much as today, Shell is making more revenues out of gas than out of oil.

Therefore these IOCs such as ExxonMobil, Chevron, ConocoPhillips, BP, Shell, Total,ENI, etc…, needed to adopt another production performances indicator easy to capture for the financial community and decided to publish their results in BOE to facilitate consolidation between oil and gas and comparison in production year to year.

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